Submitted on Sunday 3rd November 2024
Rejected on Monday 18th November 2024
Current status: Rejected
Rejection code: already-happening (see below for details)
Establish Insurance Watchdog - Limit Insurer Profit
Establish a car insurance watchdog body with 'teeth' which limits the rampant growth of insurer profit, ensuring that consumer costs are minimised. A good start would be such that insurance does not exceed 25% of car value.
Insurance has gotten to the point, particularly for younger generations, that it inhibits them from leading a normal life via travel. This reduces economic activity and reduces spending, with no tangible benefits bar Insurer shareholders receiving dividends. Not only is it morally unfair and deplorable, it is economically nonsensical for the British Government.
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The Government e-Petitions Team gave the following reason:
The Financial Conduct Authority is the regulator for the insurance industry and acts as the 'watchdog'. You can find out more about their work here: www.fca.org.uk/
3.147.27.154 Wed, 25 Dec 2024 09:26:08 +0000
